The Sherri's Retail Shop uses the FIFO retail inventory method to determine its ending inventory. The accounting records for the current year for Sherri's contained the following information: 
What is the cost-to-retail percentage to be used for ending inventory calculations?
Definitions:
Current Liabilities
Obligations or debts that are due to be paid within one year or within the normal business cycle.
Working Capital
the difference between a company's current assets and current liabilities, indicating the liquidity and operational efficiency.
Industry Figures
Statistical data or benchmarks pertaining to a specific industry, used for comparison or analysis.
Common-Sized Financial Statement
A financial statement that presents all line items as a percentage of a common base figure, facilitating comparison with other companies or time periods.
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